VOL. 128 | NO. 206 | Tuesday, October 22, 2013
Memphis Real Estate Recap
Campbell Clinic Pays $3.2 Million for Surgery Center
By Eric Smith
255 Dr. Martin Luther King Jr. Memphis, TN 38104
Sale Amount: $3.2 million
255 Dr. Martin Luther King Jr. • Memphis, TN 38104
Sale Date: Oct. 15, 2013
Buyer: Wolf River Medical Center LLC
Seller: Baptist Memorial Hospital
Loan Amount: $3.2 million
Loan Date: Oct. 15, 2013
Maturity Date: Oct. 15, 2028
Lender: Magna Bank
Details: Campbell Clinic has paid $3.2 million for the Midtown Surgery Center at 255 Dr. Martin Luther King Jr. Ave.
Operating in the transaction as Wolf River Medical Center LLC, the clinic bought the 18,463-square-foot facility in an Oct. 15 warranty deed from Baptist Memorial Hospital, which lists a Nashville address.
Campbell Clinic will name the facility Campbell Clinic Surgery Center – Midtown, while also renaming its Germantown facility at 1400 S. Germantown Road as Campbell Clinic Surgery Center – Germantown.
Built in 1996, the office medical building, whose address is also known as 255 S. Pauline St., sits on 2.9 acres along the north side of Dr. Martin Luther King Jr. Avenue between South Dudley and South Pauline streets in Midtown.
The Shelby County Assessor of Property’s 2013 appraisal is $2.5 million.
In conjunction with the purchase, Wolf River Medical Center filed a $3.2 million deed of trust through Magna Bank. Campbell Clinic CEO George Hernandez and chief of staff Dr. Frederick M. Azar signed the deed on behalf of Campbell Clinic PC, the sole member of Wolf River Medical Center.
2174 Raleigh-LaGrange Road
Memphis, TN 38128
Sale Amount: $9 million
Sale Date: Oct. 1, 2013
Buyer: Sycamore Lake Property Owner LLC
Seller: Sycamore Lakes
Loan Amount: $6.8 million
Loan Date: Oct. 1, 2013
Lender: BankUnited NA
Details: The 353-unit Sycamore Lakes apartment complex at 2174 Raleigh-LaGrange Road in Raleigh has sold for $9 million.
An entity called Sycamore Lake Property Owner LLC bought the sprawling complex in an Oct. 1 special warranty deed from Sycamore Lakes, successor to Sycamore Lakes LLC. A quitclaim deed, in which Robert F. Fogelman transferred the property to the seller, preceded the sale.
Built in 1973, the Class C multifamily property contains 293,062 square feet and sits on 22.5 acres along the north side of Raleigh-LaGrange Road east of its intersection with Sycamore View Road. The Shelby County Assessor of Property’s 2013 appraisal is $6.8 million.
In conjunction with the transaction, Sycamore Lake Property Owner filed a $6.8 million deed of trust, assignment of rents, security agreement and fixture filing Oct. 1 through BankUnited NA. Fred Stahl signed the deed as manager of the borrower.
2990 Airways Blvd.
Sale Amount: $850,000
Sale Date: Sept. 16, 2013
Buyer: Topador LLC
Seller: Aerotropolis LLC
Details: The first corporate headquarters of FedEx Corp. at 2990 Airways Blvd. has sold for $850,000 to an entity related to a Buenos Aires-based commercial real estate firm.
Topador LLC, an affiliate of Aramis Inmobiliara, bought the 56,752-square-foot office building near Memphis International Airport from Tempe, Ariz.-based Aerotropolis LLC.
The sale closed in a Sept. 16 warranty deed but wasn’t recorded by the Shelby County Register of Deeds until this week. No financing was associated with the transaction.
Built in 1975, the property served as first official home to FedEx executives, including CEO Fred Smith, before the company sold it to the American Contract Bridge League Inc. The Shelby County Assessor of Property’s 2013 appraisal is $908,800.
Along with a neighboring building at 3120 Directors Row, the office was branded in 2008 as Memphis Aerotropolis Center, a nod to the then-burgeoning aerotropolis initiative.
Aerotropolis LLC in August 2007 bought the Airways building from American Contract Bridge League Inc. for $1 million and in March 2008 bought the Directors Row building, which it still owns, from Transcontinental Realty Investors Inc. for $440,000.
6957 Stage Road
Memphis, TN 38133
7291 Winchester Road
Memphis, TN 38128
Loan Amount: $2.1 million
Loan Date: Oct. 1, 2013
Maturity Date: Oct.
Borrower: PCJ Holdings LLC
Lender: Renasant Bank
Details: The owner of Autobody America body shops at 6957 Stage Road and 7291 Winchester Road has filed a $2.1 million loan on the properties.
PCJ Holdings LLC filed the deed of trust Oct. 1 through Renasant Bank. Patrick C. James signed the trust deed as president of PCJ Holdings.
Built in 1997, the 8,140-square-foot auto service garage at 6957 Stage Road in Northeast Memphis sits on 1.1 acres and has a 2013 appraised value of $615,700, according to the Shelby County Assessor of Property.
Built in 1999, the 12,026-square-foot auto service garage at 7291 Winchester Road in Southeast Memphis sits on 1 acre and has a 2013 appraised value of $498,700, according to the assessor.